Customers Cost!

So a good friend of mine is opening a new restaurant this week, and it reminded me of some of the best advice I have ever been given, Customers Cost! It was Peter Thomson, one of the UK’s leading business growth specialist, who told me this, when I recently interviewed him for my 7 Step System for Finding the Work you Love. http://www.james-kneller.com

My last question to Peter was what was the one tip he would give someone starting their own business? He told me that it costs, either in time or money, to acquire customers. You see most of the talented people I get the chance to work with have had to face up to perhaps the biggest challenge for any new business, building a loyal customer base who want to buy your products or services. Despite the incredible growth in Internet marketing and social media, people are mistaken if they think a couple of tweets, a website, and a few Facebook friends will bring new customers flooding in.

In truth, the digital age has created an amazing opportunity to access new markets, but at the same time has created far greater competition from providers all over the globe trying to provide better, or cheaper, services. So whilst accessing potential customers has never been cheaper, the increased choice of channel means that your marketing focus becomes potentially more thinly spread. The good news is that digital marketing provides an incredible opportunity for low cost, targeted marketing, whilst more traditional methods of attraction should not be ruled out.

If you have the budget, invest in a marketing strategy that gives you the bang for your buck, target your niche, and offer your potential customers an offer they cannot say no to, free information or support is a great place to start! If you haven’t got the budget, all is not lost, just be prepared to put the hours in, and start blogging, tweeting, and contributing to the debates in the communities where your target market spend their time. Be seen as an expert, and your audience will want more. But be warned, don’t fall in to the trap of thinking your time is free, investing a small amount in professional help, whether that is using a digital marketing consultant, or going direct to the various resources available on sites such Elance, can free up your time to enable you to focus on those activities that will enable you to deliver the products and services that your customers demand.

So customers do cost, and if you are not prepared to make the investment, then don’t expect customers to be knocking on your door. It at this point my coaching clients who are making the move from their corporate or public sector career go very pale, because when its your business, its your money, and your risk! Welcome to the cloud surrounding the silver lining, that is the work you love!